Helping seniors preserve health and financial security for themselves and their loved ones.

Thursday, May 5, 2016

Cost of Care 2016

Each year Genworth surveys
long-term care providers in hundreds of local regions nationwide to determine the cost
of various long term care services. This information can help consumers anticipate and plan to meet the high
cost of care in their preferred geographic location and care setting.

Genworth recently issued its survey report for 2016. Here are some highlights with a focus on areas my law firm serves in Northcentral and Northeastern Pennsylvania.

What is Long-Term Care

Long-term care refers to the types of assistance you need if
you have a prolonged physical illness, disability or severe cognitive
impairment (such as Alzheimer’s disease) and require ongoing support. These
limitations may prevent you from carrying out basic self-care tasks, such as
bathing, dressing or eating, which are called "Activities of Daily
Living" (ADLs). And you may need assistance with "Instrumental
Activities of Daily Living" (IADLs), such as meal preparation,
money management, house cleaning, medication management,
and transportation.

The support may be provided in various settings including the
care recipient's home, a personal care facility, or a nursing home. The care
required can range from only limited in-home support all the way to 24 hour
care provided by professional nurses and trained staff in licensed nursing
facilities.

About 70 percent of people age 65 or older will need some long-term
care services and supports at some point in their remaining lifetime.

Initially long-term care support may be provided by
uncompensated family members. But a loved one’s care needs can easily overwhelm
family caregivers and unpaid care must often be supplemented with paid assistance.
Unfortunately, the costs of paid long-term care services and supports are
typically not covered by Medicare or other health insurance.
They can easily bankrupt the recipient and destroy a family's financial
security.

The Genworth survey provides both national and local cost of
care information that can help families understand, prepare for, and perhaps
limit the potentially catastrophic financial impact of long-term care.

Care Costs for the Williamsport, Bloomsburg, Scranton and
State College Areas

Long-term care is provided in a variety of settings. Costs
vary by setting and by geographic location. The Genworth survey provides a list
of costs incurred for various services in different settings and localities in
each state.

In Pennsylvania, the survey places Williamsport, Bloomsburg, Scranton/Wilkes-Barre,
and State College into separate regions and the average costs for
similar services do vary somewhat between these regions. The median annual
costs for various support services in each of these areas during the most
recent survey were as follows:

Nursing Home (semi-private room) (based on 365 days of care)
$107,493 Williamsport

$84,315Bloomsburg

$98,003State
College

$107,675 Scranton/Wilkes-Barre

Nursing Home (private room) (based on 365 days of care)
$120,315 Williamsport

$98,550Bloomsburg

$69,533State
College [Editor's note: this figure appears to be incorrect]

$112,734 Scranton/Wilkes-Barre

The above costs are staggering. Fortunately, there are a few
programs including Medicaid and Veterans Benefits (for veterans and their
spouses) that can often help finance the cost of care. Expert guidance from an elder law attorney can help families qualify for financial assistance sooner rather than later.

Planning, preparation, and expert assistance are critically
important. Pennsylvania residents can meet with an experienced elder law
attorney at Marshall, Parker and
Weber to set up a plan that will help you find the most appropriate
care and pay for it without bankrupting your family.

In addition, Marshall,
Parker and Weber offers care management
services that help families get the long-term care information and
support needed to best manage health and personal care issues. A care manager
can help you ensure that your loved one will get the best possible care whether
at home or another location. And they can help relieve the enormous burdens and
stress you face in being a caregiver.

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About Me

I am a Pennsylvania lawyer with over 35 years experience in estate planning and elder law. I was selected by US News Best Lawyers® as its Lawyer of the Year in Elder Law for 2014 for the Harrisburg, Pennsylvania metropolitan region.
I am of counsel to Marshall, Parker and Weber, a law firm which has offices in Williamsport, Jersey Shore, Wilkes-Barre and Scranton, Pennsylvania. I am past President and a founder of PAELA (the Pennsylvania Association of Elder Law Attorneys). However, the views expressed on this site are my own and not those of PAELA or of Marshall, Parker and Weber.
Most importantly I am a husband, father and grandfather.